Altice Europe — Altice France Holding Restricted Group — Q2 2021 Earnings Presentation
14 slides from Altice Europe's earnings presentation, Jul 28, 2021
Slide 1: Altice France Holding Restricted Group Q2 2021 Results
Altice France Holding Restricted Group Q2 2021 Results July 28, 2021
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitatio
Slide 3: Q2 2021 Summary
Q2 2021 Summary Subscriber growth in all segments, residential and B2B, fixed and mobile Total revenue and EBITDA growth in Q2 2021: • Total revenue grew by +5.2% YoY • Total EBITDA grew by +5.7% YoY $3 billion (equivalent) new 8-year Euro and Dollar 2029 Senior Secured Notes issued, maturity profil
Slide 4: Pro Forma Revenue Trends
Pro Forma Revenue Trends Total Telecom ex roaming Q2 2021 revenue trends YoY (€m) +5.2% (€m) • Telecom ex roaming: +3.7% +3.7% • Residential services ex roaming: +4.3% 2,721 2,586 • Residential equipment: +15.1% 88 2,606 2,512 56 • Business services ex roaming: +1.0% 913 894 899 885 • Media: +56.7%
Slide 5: Pro Forma Summary Financials
Pro Forma Summary Financials Q2-20 Q2-21 Growth YoY €m Residential services 1,500 1,569 +4.6% Residential equipment 131 151 +15.1% Business services 899 913 +1.6% Telecom 2,530 2,633 +4.1% Media 56 88 +56.7% Revenue 2,586 2,721 +5.2% Telecom 1,027 1,053 +2.5% Media -4 29 ++ EBITDA 1,024 1,082 +5.7%
Slide 6: Q2 2021 Free Cash Flow
Q2 2021 Free Cash Flow (€m) 1,082 (523) 559 589 30 (238) 297 (12) (42) Adjusted Accrued OpFCF Hivory OpFCF Interest Taxes Change in WC FCF EBITDA Capex (Pro Forma) OpFCF & other (Pro Forma) (Pro Forma) For footnotes see slide 14 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice France Restricted Group (€bn) Net debt €22,411m WAL 5.6 years 0.1 0.1 0.1 0.1 3.2 6.9 5.1 3.6 3.5 WACD 4.5% Fixed interest 91% Net leverage (L2QA) 5.5x Liquidity €1.3bn Altice France Holding Net debt €4,290m WAL 6.2 years WACD 6.8% Fixed interest
Slide 8: Guidance Reiterated
Guidance Reiterated FY 2021 Revenue, EBITDA and OpFCF growth YoY Full-year organic FCF target of >€750 million Mid-term Underpinned by EBITDA and OpFCF growth, as well as further reduction in cash interest costs (at least €150 million further savings) Target leverage of 4.5x net debt to EBITDA For f
Slide 9: Q&A
Q&A altice
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation to Swap Adjusted Debt
Reconciliation to Swap Adjusted Debt Altice France €m Restricted Group Reconciliation to swap adjusted debt Total debenture and loans from financial institutions 22,151 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -30,280 Value of debentur
Slide 12: Net Leverage Reconciliation
Net Leverage Reconciliation €m Altice France Restricted Group Gross debt consolidated 22,776 Cash -365 Net debt consolidated 22,411 LTM standalone 4,346 Eliminations - LTM EBITDA consolidated 4,346 Pro forma Libération - Pro forma Hivory -174 LTM EBITDA consolidated pro forma 4,171 Gross leverage (L
Slide 13: Non-GAAP Reconciliation to Unaudited Consolidated Interim Financial Statements GAAP Measures
Non-GAAP Reconciliation to Unaudited Consolidated Interim Financial Statements GAAP Measures €m Three months ended Three months ended March 31, 2021 June 30, 2021 Revenue 2,704 2,725 Purchasing and subcontracting costs -721 -677 Other operating expenses -527 -453 Staff costs and employee benefits -2
Slide 14: Footnotes
Footnotes Altice France Holding S.A. holds 100% less one share of Altice France S.A., and Altice Luxembourg S.A. holds 100% of Altice France Holding S.A. and one share of Altice All pages France S.A. The perimeter of consolidation for this presentation, the Altice France Holding Restricted Group, co
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